New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 49 - PUBLIC-PRIVATE PARTNERSHIPS RULES
Subchapter 9 - STATE OR COUNTY COLLEGE OR UNIVERSITY PROCEDURES AND REQUIREMENTS
Section 17:49-9.6 - Lease arrangements and availability payments

Universal Citation: NJ Admin Code 17:49-9.6

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Any availability payment or lease arrangement with a private entity pursuant to a public-private partnership agreement may provide that a private entity shall assume some or all of the financial and administrative responsibility for the development, construction, reconstruction, repair, alteration, improvement, extension, operation, and maintenance of a project, provided that the project is financed in whole or part by the private entity and the State or the county college, State college, or State university retains full ownership of the land and the facility upon which the project is located.

(b) A project may include a lease of a revenue-producing public building, road, structure, infrastructure, or facility in exchange for an up-front or structured financing by a private entity for the project, provided that the private entity is responsible for the management, operation, and maintenance of the building, road, structure, infrastructure, or facility.

(c) The private entity may receive some or all of the revenue generated by the building, road, structure, infrastructure, or facility and shall, in turn, operate the building, structure, infrastructure, or facility in accordance with State or county college or university standards.

(d) A lease term shall not exceed 30 years and shall be subject to all applicable law governing leases by a State or county college or university.

(e) Upon completion of the lease term, subsequent revenue generated, and any capital improvement, shall revert to the county college, State college, or State university.

(f) A lease agreement shall not affect the status or employment rights of county college, State college, or State university employees who are assigned to, or provide services to, the leased facility.

(g) Leases may include lease back arrangements.

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